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jvtrio
Clowns to the left of me...Jokers to the right
08:31 PM on 07/26/2012
Weill is a crook, and so is Geithner. Paulson should've never listened to Geithner and let the banks go down. I don't like the idea of big banks holding 56+% of the GDP. That's why they are still able to do what they want. Don't let them fool you. Dodd-Frank is not enough to keep banks from pulling new moneymakers (like credit default swaps and derivatives) out of thin air. We will never get back to where we were 15 years ago without more substantial legislation and penalties.
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07:47 PM on 07/26/2012
I hope more Americans find out about how we untangle Congress from the banks--the Article V Convention. Amendments need to be proposed to separate private funding from public legislation. http://www.foavc.org
http://www.articlev.org
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Raccoon1
These are the times that try men's souls........
07:34 PM on 07/26/2012
Yup, break up the banks and leave the bad mortgages with the community banks instead of the investment banks.
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MacTheCat
Those Clouds You See Aren't really clouds at all
11:22 PM on 07/26/2012
The ones we don't already own through the FED's purchase of bad derivatives through their 2 goes at quantitative easing.
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Baneblade
Subversive Individual
07:20 PM on 07/26/2012
BOHICA
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Christopher Hull
Democratic Socialist
06:56 PM on 07/26/2012
Sandy made a bucket of money and now he's going to make another bucket by having the company split up. Okay. I'm not wild about that but if something good comes out of this so be it.
Perhaps we could bring back the Eisenhower tax rates on the wealthy while he makes this "second killing"?
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monoloco
"The future ain't what it used to be"
06:56 PM on 07/26/2012
I don't see how breaking up something that's insolvent is going to make it worth more, unless they plan on selling off the profitable parts and leaving the taxpayer holding the bag for the casino division. Stop the government/FED bailouts and let them fail. That's how capitalism is supposed to work.
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Teacher Trish
The Enlightenment was a good idea.
12:53 AM on 07/27/2012
Agreed. Not unless some disinterested party forced each new smaller bank to take on a proportion of the bad debt. If they died a natural death as you propose who would take on the bad loans? I am not challenging your thinking here at all - I am geniunely curious. It seems these banks have only one direction to go - down.
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06:26 PM on 07/26/2012
I think this would be a time for banks to spin off some of their holdings.
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Teacher Trish
The Enlightenment was a good idea.
12:54 AM on 07/27/2012
Who wants to buy damaged goods though? That is the problem.
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JewellB
Organic gardening - healthy land & people
06:23 PM on 07/26/2012
Part of the decision to invest in a company, or not, looks at how well the company is managed. Everyone knows the banks are managed by criminal executives, still in position even after all the fraud than brought down the economy. Who in their right mind wants to invest in a company with a mafia mentality? Not many. And so the value of the banks will continue to decline until honest and decent managers replace the current ones.
06:19 PM on 07/26/2012
Apparently without giving the matter very much thought, the author blithely states that: "If we have a financial crisis tomorrow, we're still going to have to bail these guys out."

No, we do not have to bail them out again. Even though allowing one or more of the mega-banks to fail undoubtedly would have a major short-term negative impact on the US (and world) economy, propping any of them up again likely would have an even greater long-term negative impact on not just the economy but also on the political and social fabric of our country.

We already are dangerously close to the point at which a significant portion of our citizens may decide that the social compact under which we all live no longer benefits them. If that occurs, and they consequently act without regard for the legal consequences that cause most citizens to obey the law, the results would be devastating. Therefore another rescue of Wall Street at the expense of Main Street is not something that we should do without serious consideration of all the possible consequences.
08:38 PM on 07/26/2012
And thus there will be drones coming to a neighborhood near you very soon. For your convenience and well-being, of course.
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Mary Blickhahn
Is this really the best we can do?
06:15 PM on 07/26/2012
I have been waiting all day for an article like this....Oh yeah...this is going to get intersting
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1oldhippie
yes WE did... again!
06:11 PM on 07/26/2012
My new credit union may take 24 hours to post transactions
But at least they get them right and don't nickel and dime me to death!
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06:08 PM on 07/26/2012
The chutzpah refined over 5772 years is abominable. One has to think that all the historical travails were caused by this attitude which clearly screwed people without regard. Weil, no better than Madoff, should be in jail and the loot confiscated.
08:45 PM on 07/26/2012
"The chutzpah refined over 5772 yrs. is abominable" - I like that statement.

The problem is human nature unfettered as much as it is too many controls. Finding that sweet spot in between seems perenially elusive, or illusory, however.
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10:24 PM on 07/26/2012
what is the 5772 year reference?

the "shatterer" plaque - gaudy and all the worst of it to the max - but i don't understand your reference.
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ur2nutty4me
05:57 PM on 07/26/2012
Exactly who is going to get stuck with the debt that will remain when the breakup occurs and everyone has to adjust their books to real time property and loan values putting them all in the read. I guess that's the hidden point............another back door bailout to clear the books paid courtesy of the American people. Anyone who proudly proclaims themselves a supporter of either party deserve the screwing their getting.
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JoAnn Kennedy
05:59 PM on 07/26/2012
Of course they are going to off the parts that are liable for law suits and keep the parts that still functioning as legal. Once the parts that are liable get caught up in law suits they will declare them bankrupt and voila another new day
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Christopher Hull
Democratic Socialist
06:54 PM on 07/26/2012
This is what TARP is doing/did do. The govt (you and I) are slowly giving them money at zero percent, they then buy bonds from the govt that pay three percent then loan that same money via credit cards to people at anywhere from super low for rich folks to thirty percent (or higher) for poor folks. Ding enough people at thirty percent interest and you can make a lot of money really quickly. So that's how they are slowly making the bad debt "disappear."
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jaguarmissing
05:49 PM on 07/26/2012
the problem is that the democratic party shares the same macro economic ideologues with the republican party. the summers and geitners are intellectually wedded to the same neo conservative elits that authors republican doctrine. no change will occur regardles who is elected..or until obama dumps his hand selected advisors convinced after 4 years, he and they were wrong..
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monoloco
"The future ain't what it used to be"
07:03 PM on 07/26/2012
When it comes to economic theory, they are just one big happy neo-liberal Keynesian family duopoly. That's the big,' heads I win, tails you lose" game they have perfected.
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10:27 PM on 07/26/2012
When I think about it, I see a huge cruise ship, stuck in what's just enough water to float on. The water is their theories of keeping as-is operational.
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how goes the matrix
War is peace, Freedom is slavery, Ignorance is str
09:42 PM on 07/26/2012
Bingo - right on target ...
05:47 PM on 07/26/2012
There is a simpler, more direct reason for why he is saying this now: the rats are fleeing the sinking ship as we speak. They are positioning themselves for the big fall that is about to come in Sept-Oct. so that when the pitchforks come out (and I mean real ones) they can try to say they didn't support this insatiable greed.

Look for it in about a month.
06:06 PM on 07/26/2012
F/F. August 20th is the next key date in the ongoing crisis. It's when Greece's next big debt payment is due and it doesn't look like they're going to be able to cover it. The contagion throughout the financial system will be the first step in a systemic collapse.
06:37 PM on 07/26/2012
Exactly